Analytics provided by BBA
While bitcoin treads water in the mid-$750’s following another bullish week, Ether has been getting some less flattering attention.
Early Friday morning the cryptocurrency based project known as the DAO (“Decentralized Autonomous Organization”) was exploited for about 3.5 million Ethers, equivalent to around $50 million USD via a quirk in the code related to child DAO’s.
The public perception surrounding the event was certainly not good for Ethereum, the DAO, and other smart contract-focused endeavors.
This is just the first big hurdle for this very new technology. There is no doubt that this will negatively affect price and market confidence over the next few months, although it could end up being a good thing over the long term.